Sensex, Nifty off day's high; ICICI & ITC drag, Sun Pharma up 2%

The 30-share BSE Sensex
gained 30.88 points at 28186.44 and the 50-share NSE Nifty rose 7.05
points to 8731.75.
Market has digested most of the news post demonetisation emerging
relatively unscathed and S Krishna Kumar of Sundaram Mutual Fund feels
every dip can now be invested in.
On the outperformance in midcaps and smallcap space, he says, it is
better to tread with caution and pick specific quality stocks than
watching the broad market index.
SBI was up 1.4 percent after the merger of five associate banks received
Cabinet approval. State Bank of Bikaner and Jaipur, State Bank of
Mysore and State Bank of Travancore rallied 4-5 percent.
TCS gained 1.7 percent as it says the board of directors will consider
buyback of shares on February 20.
Dr Reddy's Laboratories shares fell 2 percent after it got an
unfavourable ruling in a US court regarding a patent infringement case
over anti-nausea injection Aloxi.
ICICI Bank, ITC, L&T, Adani Ports, Asian Paints and Hero Motocorp
were down 1-2 percent while Infosys, Sun Pharma and Maruti gained 1-2
percent.

SBI was up 1.4 percent after the merger of five associate banks received Cabinet approval. State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore rallied 4-5 percent.

TCS gained 1.7 percent as it says the board of directors will consider buyback of shares on February 20. Dr Reddy's Laboratories shares fell 2 percent after it got an unfavourable ruling in a US court regarding a patent infringement case over anti-nausea injection Aloxi.